New deal: in Indonesia for Marathon
Marathon ties up Kumawa PSC
US independent Marathon Oil and Indonesia Kumawa Energy have sealed into a production sharing contract with the Indonesian government for a combined 49% stake in the Kumawa Block, off Indonesia.
Co-bidder Komodo Energy, a subsidiary of Black Gold Energy, was awarded the remaining 51% interest.
Marathon subsidiary, Marathon Indonesia New Ventures, will serve as the operator.
The Kumawa Block covers about 1.24 million acres and lies off West Papua in the Semai region.
The block is to the south of the recently commissioned Tangguh liquefied natural gas facility in water depths of ranging from 2400 feet to 4000 feet.
"Marathon is pleased to further strengthen its exploration program in Indonesia with the award of the Kumawa Block," senior vice president of worldwide exploration Annell Bay said.
"This is an important step in the continued growth of Marathon's portfolio of large-scale, high-potential blocks in the country."
Current exploration plans for Kumawa include a 2D seismic shoot followed by drilling.
Marathon also holds a 70% interest and operatorship in the Pasangkayu Block in the Kutei basin off Sulawesi.
Pasangkayu is an on- and offshore block covering 1.2 million acres. Water depths in the offshore sector of the block go to 7200 feet.
The company also holds a 49% interest and operatorship in the Bone Bay Block which covers 1.23 million acres south-east of the Pasangkayu Block.
Water depths in this block range between 165 and 6500 feet.